EUR/USD 1.2282 – 3 June 2010

EUR/USD Open 1.2237 High 1.2328 Low 1.2181 Close 1.2248
On Wednesday Euro/Dollar traded hesitantly at first and with a slight increase later in the day. Euro/Dollar appreciated from 1.2181 to 1.2265 yesterday, in converse with the Interbank sentiment projection, at around -14%, closing the day at 1.2248. On the 1 hour chart the Euro is making breaking out of the consolidation phase efforts, but unsuccessful so far. Break above the nearest resistance and Tuesday’s top at 1.2328 may trigger further recovery of the Euro. Going bellow this yesterday’s bottom and first support at 1.2181, however, would confirm continuation of the bearish trend, towards next objective downwards 1.2117. Today’s focus is on Italy, France, Germany and EU 16 PMI services, and EU 16 Retail sales at 7:45, 7:50, 7:55, 8 and 9 GMT respectively. Quotes are moving above the 20 and 50 EMA on the 1 hour chart, indicating slim bullish pressure. The value of the RSI indicator is positive and dovish, MACD is positive and climbing, while CCI has crossed up the 100 line and quiet on the 1 hour chart, giving overall long signals.

Technical resistance levels: 1. 2328 1.2434 1.2500
Technical support levels: 1.2181 1.2117 1.2011

Trading range: 1.2270 – 1.2335
Trend: Upward
Buy at 1.2282 SL 1.2252 TP 1.2322

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